Pensions for All Act

The Pensions for All Act requires most employers and self-employed individuals to either participate in the Federal Employees Retirement System (FERS) or provide a retirement plan with benefits comparable to FERS. It amends FERS to include non-Federal employees and self-employed individuals, creating new definitions for "covered non-Federal employee" and "covered self-employed individual" to expand retirement coverage. The bill establishes a $10 per day tax for employers who fail to provide a retirement plan, with a $500,000 annual cap for unintentional failures, and prohibits employers from reducing compensation due to this requirement. It also creates a tax credit for small employers and self-employed individuals making qualifying pension contributions. This legislation would significantly expand retirement coverage to many workers outside of federal employment who previously lacked access to a retirement plan with benefits comparable to FERS.